Islamic Forum To Help Speed Up Economic Development

Muscat: The tenth World Islamic Economic Forum will take place in Dubai from October 28 to 30.

The theme will be ‘Innovative Partnerships for Economic Growth’ to reflect the emirate’s pursuit of a key role in shaping the Islamic economy, which comprises the fastest growing markets in the world with estimated investments worth $ 8 trillion).

Dubai Chamber and the WIEF Foundation have said that the forum, which will be held in Dubai for the first time, is expected to be attended by more than 2,500 participants from 140 countries.

The event will offer a global platform to form innovative partnerships based on the seven pillars of the Dubai Capital of Islamic Economy initiative launched in 2013: Islamic finance, halal food industry, family tourism, Islamic digital economy, capital of Islamic art and design, centre for Islamic economy standards and certification, and international centre for Islamic information and education.

Islamic finance is growing 50 per cent faster than the traditional banking sector with the demand for Islamic finance instruments estimated to grow in the coming years to exceed $421 billion by 2017.

Halal food and lifestyle is also becoming a fast-growing area, reporting consumer expenditure of $1.6 trillion in 2012, which is expected to grow as much as $2.7 trillion by 2018, according to a Global Islamic Economy Report, published by Thomson Reuters in partnership with DinarStandard.

Strong partnershipsAnnouncing the forum, Abdul Rahman Saif Al Ghurair, chairman of Dubai Chamber, stressed that in order to build on the strong fundamentals of Islamic economies as the basis for sustainable economic development, it is important to enhance cooperation and integration between all parties concerned, including private and government sectors, the individual, the community as well as law and regulatory agencies.

“The global Islamic economy caters to a 1.6 billion population growing at twice the rate of the global population, which highlights its strong position,” said Al Ghurair.

Tun Musa Hitam, chairman of the WIEF Foundation, said: “With the Muslim population in the world expected to grow to 2 billion in the next two years, Islamic economies present great opportunities for growth.”

The enormous size and the massive purchasing power of this market have been driving growth and contributing to the prosperity and improved standard of living of individuals in these economies.”